According to the report titled ‘Cellular IoT Market to 2027 - Global Analysis and Forecasts by Technology; End-Use Industry available with Market Study Report, global cellular IoT market was valued at USD2.94 billion in the year 2019 and is expected to record a CAGR of 22.6% during the forecast period, subsequently accounting for USD 18.2 billion through 2027.
 

High inclination towards using advanced technologies coupled with rising penetration of connected devices are key factors driving the growth of global cellular IoT market. Favorable government initiatives across the globe towards digitization of economy along with growing demand for IoT solutions in automotive industry are further propelling the market growth.
 

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Rapid commercialization of 5G technologies and escalating investments towards development of NB-IoT (Narrowband Internet of Things) and LTE-M (long-term evolution of machines) networks in order to cater to the growing IoT demand is also favoring the market outlook. In fact, LTE-M and NB-IoT solutions offer improved system capacity, high spectral efficiency, minimum power consumption, low device complexity, and better coverage, which in turn is fostering the demand for cellular IoT solutions across the globe.
 

In terms of technology, global cellular IoT market is segmented into 5G, NB-IoT, LTE-M, 4G, and 2G & 3G. The end-user landscape of the market comprises of healthcare, energy & utilities, automotive & transportation, consumer electronics, retail, infrastructure and construction, industrial, and others.
 

Based on the regional analysis, global cellular IoT industry is fragmented into North America, Asia-Pacific, Europe, South America, and Middle East and Africa. The country level fragmentation of the market includes Mexico, Canada, U.S., Russia, United Kingdom, Italy, France, Germany, rest of Europe, South Korea, Japan, India, China, Australia, rest of Asia-Pacific, UAE, Argentina, and Brazil among others.
 

Among these, the report states that North America accounted for a significant market share in 2018 and is projected to register a robust CAGR through 2027.
 

Major companies that formulate the competitive landscape of global cellular IoT market are ZTE Corp., Thales Group, Sequans Communications S.A., Sierra Wireless Inc., Qualcomm Inc., Mediatek Inc., Huawei Technologies Co. Ltd., Telefonaktiebolaget LM Ericsson, AT&T Inc., and Arm Holdings Plc among others.